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May 29, 2022
Lifecore Biomedical Q4 2022 Earnings Report
Reported an increase in Lifecore segment revenues and adjusted EBITDA, alongside consolidated revenue growth, while facing a net loss due to impairment charges and restructuring costs.
Key Takeaways
Landec Corporation reported a 6.0% increase in consolidated revenues for Q4 2022, driven by growth in both Lifecore and Curation Foods segments. However, the company experienced a net loss due to a non-cash goodwill and intangibles impairment charge and restructuring costs, despite an increase in Lifecore segment adjusted EBITDA.
Consolidated revenues increased by 6.0% year-over-year to $47.6 million.
Lifecore segment revenues increased by 6.9% to $27.6 million.
Consolidated net loss from continuing operations was $35.9 million, including a $27.0 million impairment charge.
Lifecore segment adjusted EBITDA increased by 15.9% year-over-year to $8.9 million.
Forward Guidance
The company introduced its full year fiscal 2023 guidance for its Lifecore and Corporate segments.
Positive Outlook
- Lifecore segment revenue: range of $122 million to $126 million (+12% to +15%)
- Lifecore segment adjusted EBITDA: range of $31.0 million to $32.5 million (+7% to +12%)
Challenges Ahead
- Other segment (corporate expense): range of ($7.0) million to ($7.5) million
Historical Earnings Impact
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Avg. Return Before/After Earnings
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